The federal government gave a tease of what’s to come in its 2024 Budget Wednesday, announcing measures for renters across the country.
Prime Minister Justin Trudeau, flanked by Finance Minister Chrystia Freeland, explained the upcoming budget will propose the creation of new protections for renters, and new pathways toward homeownership.
“As part of our upcoming budget, we’re going to create a Canadian Renter’s Bill of Rights. It would create a national way a nationwide standard for lease agreements give renters a clear history of apartment pricing so they can bargain fairly and make sure they have more agency. We’re also going to launch a new legal aid fund that will protect tenants against unfairly rising rents, rent evictions, and bad landlords,” he said.
Trudeau said there are more renters in Canada than ever before, growing at double the rate of home buyers.
“Nearly two-thirds of young Canadians rent their homes, and they spend a greater share of their income on housing than other generations,” Trudeau explained. “And in cities like Vancouver, where we are today, this is even more true — this is the most expensive city to rent in the country.”
The government explained the budget will propose $15 million for the Tenant Protection Fund.
Trudeau shared that as part of the Liberals’ fiscal plan, renters would also get credit for their history of on-time rental payments.
“We’re going to amend the Canadian Mortgage Charter and call on banks, credit bureaus, and others to make sure that your rental history is taken into account in your credit score,” he said Wednesday. “This will make it easier to qualify for a mortgage, or even qualify you at a lower rate. And just think about all the other things that will come from having a better credit score — loans to help you start a small business for example.”
Considering the cost of renting across the country, Trudeau asked, “What could be a better demonstration that you’re a good investment? And what is a better investment than in you, in young Canadians?.”
“You make up the largest share of our age population. You work hard. You’re creating, inventing, and developing incredible things that are building the future of Canada. You hustle, you are the heartbeat of the economy. And Canada’s success in the 21st century depends on you.”
